E-commerce giant eBay has announced its acquisition of KnownOrigin. It is a nonfungible token (NFT) marketplace that would aid the company’s expansion into the blockchain and digital collectibles markets.
eBay started enabling customers to purchase and sell NFTs. This was in May of last year when public interest in digital collectibles was growing and prices were sharply rising.
eBay acquires KnownOrigin for undisclosed amount
The company announced the purchase of Manchester-based KnownOrigin for an unknown sum on June 22.
According to the PRNewsWire press release, the company makes it possible for creators, buyers, and sellers of NFTs to do so through blockchain-enabled transactions.
According to KnownOrigin co-founder David Moore, the company was formed to “empower creators and collectors by giving them the ability to showcase, sell, and collect unique, authenticated digital items.”
“As interest in NFTs continues to grow, we believe now is the perfect time for us to partner with a company that has the reach and experience of eBay,” Moore said.
Through a partnership with the green NFT platform OneOf, the e-commerce behemoth revealed its first line of NFTs in May.
eBay expands into the blockchain
The move also demonstrates eBay’s ongoing commitment to using cryptocurrencies and blockchain technology to enhance its business processes. For example, eBay now wants to be the go-to site for millennials and members of Generation Z. The business began trying to incorporate cryptocurrency payment methods earlier this year.
Hundreds of NFT projects have appeared in the cryptocurrency realm in recent months. Ostensibly imitating the multimillion-dollar sales of digital artwork on internet markets. The introduction of NFTs in a well-established market like eBay can potentially prolong the frenzy even further.